Relevant and even prescient commentary on news, politics and the economy.

Everything Old is New Again

Back in the Good Old Days, Leveraged Buyouts (LBOs) all the rage. Not coincidentally, the phrase “underfunded pension liabilities” moved into the mainstream. Long story short: when legislation is finally passed to make the “underfunded” portion a thing of the past (you can stop laughing any time), several large companies run by Captains of Industry—think […]

Stimulus Package? Ok. But Deal with the Real Problems.

Most stimulus packages–particularly those that are just handouts or temporary tax cuts–make even more private debt public. And, as we know, the government is already deep in hock, financed primarily by official inflows, i.e., foreign central banks. All pipers must, at some point, be paid. At some point, those foreign banks must be paid. Inflation […]